MA Financial (MAF)Interesting company, as an alternative asset...

MA Financial (MAF)
Interesting company, as an alternative asset manager (6.8 bn of AUM).
63 % of their AUM are invested in real assets : 38 % in real estate (mainly retail) and 25 % in hospitality. Rest : credit, equities and PE/VC.
Mainly servicing HNW both foreign (50 % of AUM) and domestic HNW and retail (29 % of AUM) explain their high level of average fees during FY 18-20 : 126 bp from base fee + 51 bp from performance and transaction fees.
Their asset management business has developed initially with Special Investor Visa (SIV) and has expanded later into other customers.

Main interests of this company :
- since its creation in 2009, they have been to develop successfully 3 businesses (corporate advisory, asset management and lending). These businesses have now a good level of profitability and return. In the short term, they are all also showing a significant level of growth,
- their growth is now driven by the good level of their net inflows : more than 1 bn for FY 21 so far (FY 21 ending in Dec 21). 2/3 of the net inflows come from foreign HNW,
- this company is so agile that I consider them a bit like a fintech : able to move quickly in niches.
A lot of people compare them to Macquarie Bank, which is probably quite fair.
I imagine that MAF may take advantage of the low prices of a lot of equity asset managers to try to develop their equity business (now one of their fastest growth business).